India Internet: 1QFY27 preview: Mixed prints with acceleration in QC & fintechs over edtech

Research evidence excerpt

India Internet: 1QFY27 preview: Mixed prints with acceleration in QC & fintechs over edtech

J P M O R G A N Asia Pacific Equity Research

28 July 2026

Correction (first published 09 July 2026) (See disclosures for details)

India Internet

1QFY27 preview: Mixed prints with acceleration in QC

& fintechs over edtech

In Internet prints, we expect seasonal strength with margin expansion across food Head of APAC Telecoms and India

delivery (FD)/quick commerce (QC) and value commerce, and some acceleration TMT Research

in fintechs. We expect stronger QQ growth momentum across the FD and QC Ankur Rudra, CFA AC

segments for both Eternal and Swiggy and an improvement in profitability despite (65) 6801-3237

competitive activity in QC. Eternal (OW rated) is our pick of the earnings season ankur.rudra@jpmorgan.com

with 85% YY growth in QC, which we believe will boost confidence in its 60% J.P. Morgan Securities Singapore Private Limited

growth outlook, in addition to an improvement in EBITDA to 0.6% of net order Bhavik Mehta, CFA AC

value (NOV). We expect contribution margins (CM) to break even at Swiggy, (91-22) 6157-3871

bhavik.mehta@jpmchase.com

despite softer-than-seasonal QC/FD growth. We believe Meesho should see J.P. Morgan India Private Limited, J.P. Morgan

healthy 34% YoY growth in NMV with margins rising 19bps QQ, led by ad take Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

rates. Paytm/Pinelabs should see seasonality, but contrasting trends in EBITDA

Harshit Sharma

(rising sharply at Paytm, dropping at Pinelabs). We believe GROWW should see

(91-22) 6157-5879

flat revenues and margins. We expect Physicswallah to see growth decelerating to harshit.sharma@jpmchase.com

19% YY growth with seasonally weak margins.